Company Update February, 2012

Disclaimer

This material contains certain forecasts and forward-looking information, including regarding possible or assumed future performance, costs, production levels or rates, prices, reserves and resources or potential growth of Strike Resources, industry growth or other trend projections.

Such forecasts and information are not a guarantee of future performance and involve unknown risks and uncertainties, as well as other factors, many of which are beyond the control of Strike Resources.

Actual results and developments may differ materially from those expressed or implied by these forward-looking statements depending on a variety of factors.

Nothing in this material should be construed as either an offer to sell or a solicitation of an offer to buy or sell securities.

Highlights

•Board and management restructuring undertaken
•Key focus is Apurimac and Cusco Iron Ore Projects in Peru
• Consolidation strategy to secure >500Mt resources underway:
- •Moved to at least 50% of AF
- •Recapitalisation of AF in September 2012
- •Option to acquire 49% of Cuervo Resources
•Strong Peru-based team established and delivering results
•Approvals flowing and exploration programs accelerating
•Cuervo and AF drilling from April
•Short to medium term value through business development
• Strong cash position with A$25 million in cash (Jan 2011), US$31 million in loans to AF and C$5.25 million loan to Cuervo

Australian Securities Exchange (ASX)

•ASX Code: SRK
• Capital structure:
- •Ordinary, fully paid shares 142 M
- •Unlisted options 13.9 M
•Cash Position: (Jan 2012) A$25M

Top Shareholders

•Gallagher Holdings Limited 18.2%
•Orion Equities Limited (OEQ) 11.7%
•Database Systems Limited 6.6%
•Ferrous Resources 4.5%
•Credit Agricole Cheuvreux 3.5%

Peru, a Major Resources Precinct

Peru - the last decade:

•Free-trade agreement with the USA
•Competitive labour rates
•Competitive corporate tax rates and royalties
•Stable investment environment
•Greater than 6%pa GDP growth
•#3 world-wide for resources investment

Recent Elections

• President Humala's government - global macroeconomic settings unchanged
•Strong commitment to responsible mining
• Social programs to reduce poverty funded by profits-based mining tax – still competitive

1/ From a total of US$7,320 million. Source: MEG

Apurimac Iron Ore Project - Highlights

•JORC resource of 269Mt @ 57.3% Fe*
• High-grade with potential DSO and coarse, friable magnetite
• At least 50% direct interest in concession owner (AF) with control likely during 2012
•Positive initial Pre-feasibility Study
•Project optimisation opportunities identified
• Substantial potential to increase size of resource
• Approvals flowing with drilling planned from June Quarter

*See the Appendix to this presentation for a breakdown of the total mineral resource at this project into JORC categories and the JORC Code competent person statement.

Apurimac – Opaban Iron Ore Deposits

Current Resources of 269Mt at 57.3% Fe* Target of 300 – 350Mt at 57 – 58% Fe+

Current resources:

•Continuous broad zones
•Predominantly high-grade, coarse-grained magnetite
•High-grade potential DSO of 68 Mt at 61.5% Fe*
•Low strip and high conversion ratios indicated

Target Opaban mineralisation is based on:

•Undrilled gravity and magnetic anomalies
•Both deposits open at depth
•High-grade intercepts, 62.8% Fe from 0-154m
•Hydrothermal and skarn mineralisation

* See the Appendix to this presentation for a breakdown of the total mineral resource (including the DSO component) at this project into JORC categories and the JORC Code competent person statement.

+ The mineralisation target is inclusive of existing JORC resources. The potential quantity and grade of the target iron ore mineralisation is conceptual in nature. There has been insufficient exploration to define an additional mineral Resource in relation to that target iron ore. It is uncertain whether further exploration will result in the determinationof an additional Mineral Resource in relation to that target iron ore.

Opaban has Excellent Metallurgical Properties

DTRParticle Size (P80 µm)

• Coarse particle liberation size (250 microns vs 30 – 40 microns)
•60 - 70% mass recovery (vs 35 – 50%)
Pictures here.•Excellent product grades with low impurities

Fe	64%68%to>
OAl23	030%100%to
SOi2	10%40%5t5o
P	001%003%to
S	*001%005%to

*High S samples not included

• Low energy consumption hence lower operating costs

2008 Pre-feasibility Delivered Attractive Project Economics

Initial Pre-feasibility key parameters and results

•27Mtpa mining operation for 20Mtpa product
•High-grade product >68% Fe with low impurities
•Slurry pipeline to coast for dewatering and export
•Average operating costs of ~ US$17-$20 per tonne
•Total capex US$2.5 billion – US$2.9 billion
•Infrastructure options and strong government support

Subsequent options or trade-off studies

•Rail and traditional lump/fines products
•10 and 15 Mtpa production rates
•Potential rope conveyer ore & product transport system

Further Upside Potential – Transport Options and Products

Rope Conveyor study completed

•Up to 2km between supports
•Capacity of >20Mtpa
•Up to 20km per conveyor section
• European design with high availabilities (>98%)
• Facilitates ore, lump/fines and coarse concentrate options
• Ideal for ore transportation to central process plant

Lump / Fines or coarse concentrate

•High-grade component (potential DSO) within Opaban resource
•Lump/fines flow sheet simpler and lower capital and operating costs
•Indications of good quality product using coarse dry magnetic separation

Apurimac Project Status and Forward Plan

Current Status

• >15Mtpa operation required to deliver robust financial returns
• 15 – 20 year operational life necessary to justify infrastructure
•Using 65% mass recovery, >500Mt required

Forward Plan

• Increasing resource base through exploration and consolidation
• Community approvals flowing and exploration gaining pace from March Qtr
• Preliminary exploration underway and completed in 4 – 6 areas by June 2012
• Drilling at Cuervo and satellite concessions from June quarter
• Based on community OK in March, Opaban drilling likely from late 2012

Excellent Iron Ore Exploration Potential

Programs designed to outline total iron ore resources of >500Mt*

Substantial exploration upside outside Opaban:

• 590km2 held under concessions in Apurimac
•Drilling targets at Colcabamba, Sillacassa, Opaban (North, I and III) and Cusco (Santo Tomas)
• >60% Fe in several regional target areas, most untested by drilling
•Numerous magnetic targets for follow-up
•Testing priority determined by target quality and approvals

* The mineralisation target is inclusive of existing JORC resources. The potential quantity and grade of the target iron ore mineralisation is conceptual in nature. There has been insufficient exploration to define an additional mineral Resource in relation to that target iron ore. It is uncertain whether further exploration will result in the determinationof an additional Mineral Resource in relation to that target iron ore.

Resource Status – Cusco Santo Tomas Project

• SRK Inferred: 104.3 Mt @ 32.6% Fe & 0.5%S (June 2011)
• SRK Potential: 23 ‐ 26Mt @ 30 ‐ 35% Fe (June 2011)+
• Lower mass recovery than Opaban and floatation circuit and/or fine grinding will berequired
• Good potential to extend resources:
- • Conservativemodel
- • 30 – 40%of target area drilled
• Overall Fe grade expected to improve with betterdefinition
• Significant intersections of anomalous copper values in historical drill samples including 16m @ 1% Cu

+The potential quantity and grade of the target iron ore mineralisation is conceptual in nature. There has been insufficient exploration to define an additional mineral Resource in relation tothat target iron ore. It is uncertain whether further exploration will result in the determination of an additional Mineral Resource in relation to that target iron ore

Cuervo and Copper/Gold – Options on Additional Resources

•Option to acquire 49% of Cuervo

•Stage 1

•C$5.25M for 32.5% (undiluted)
•Min $4.15M direct project costs
•Security over project concessions
•2 directors of 7, "top up" capacity
•Strong covenants and pledges
• Stage 2 at SRK option
- •C$9.75 for further 16.7% (49.2%)
- •Overheads capped
- •3 directors of 7
•World class copper / gold province
•Similar associations to iron deposits
• Numerous targets from iron exploration

Cuervo Transaction – An Option on Additional Fe Resources

Orcopura:

•Resource of 106.4Mt @ 45.3%Fe*
•Open along strike and at depth
•Strong magnetic and gravity association
Huillque and Aurora:
• 46 DDH, best results of 79m @ 62%Fe (63m) and 78m @ 51%Fe (9m)
•Open along strike and at depth

Bob 1:

•Up to 10km strike potential
•Strong magnetic and gravity highs
•Extensive massive magnetite outcrops
•Approvals in place and access in progress
•Drilling from April with resource in Sept Qtr

Building Strong Community Relations in Peru

•Community approvals required for all programs
• Successful resource companies implement proactive and sustainable programs to establish longterm relationships based on mutual respect
• Community support fostered through both shortand long-term programs jointly developed and implemented by AF and the communities
•Strong, experienced CR team in place
• Excellent relations established with regional and federal authorities – now delivering results
• Patient, respectful approach being rewarded with positive dialogue/agreement with most communities in Apurimac (3 in 2010, now >12)
•Protests in late 2012 caused hiatus in approvals

Approvals Outlook is Positive and Improving

• Colcabamba "pilot" very successful and approval granted for further 12 months' exploration
• Established "AF Information Offices" in 2 main communities – Huinchos and Huinquiri
• President Humala visit and positive mining industry messages to Andahuaylas and Apurimac region
• Formal dialogue underway with "General Assembly" planned for coming weeks at key communities
•Some communities pro-actively approaching AF
• Requests from regional authorities to work with AF on regional information processes for communities
• Community approvals flowing and expected to accelerate over 2012
•Environmental approvals in line with programs

Timeline for Detailed Pre-Feasibility Study Completion

iEnvrkWor	diStonue(hEsops	+s)ISA	SEIlpprova	O	b&IIIIpaanilliDrng	ResoruiM	iEttcesmaeanidiStnngesu	d
	h6tmon	2s	htmons		h5tmons	5	htmons
iEnvronlApprova	lEpoxdilr	itraonling	iEnvroApprov	nla	liEtporaonxilliDrng	ReEs	sourceittmae
h2tmons	4mo	htns	2tmon	hs	h4tmons	5	htmons	✓
liiTme	ftnesaer				lSampePrep	MeT	lllitaurgcaktesorw	dPreparean
com	itmunylr				h3tmons	6	htmons	fdPBtresenoroarlASBFtroav
app	ovas	/iOtpondtsu	dfftrae‐oies		ddTenerandPFSawar	lCompe	ldiDtteeaePFS	ppoh1tmon
		6m	htons		h3tmons	6	htmons

Estimatedtotal duration of 20 – 24 months

Iron Ore Project Summary

• 374 Mt 50.4%Fe JORC resources + Cuervo (106Mt @ 45%Fe) *
•Targeting 15 – 20Mtpa business over >15 years
•Expect further exploration will substantially increase resources
• Consolidationsteps commenced ‐ ≥50% AF and 32.5% Cuervo
• Further consolidationplanned within AF and regionally
• Timetable driven by community approvals with 20 – 24 months to deliver detailedPFS after approvals received
• Positive initiatives by President Humala in Apurimac and approvals now flowing in line with exploration plan
•Exploration to accelerate during 2012 including drilling at Opaban

*See the Appendix to this presentation for a breakdown of the total mineral resource at this project into JORC categories, along with the JORC Code competent person statement.

Berau Thermal Coal Project – Partner Status

• Dialogue and negotiations over last 2 years on restructure of Co-operation Agreement
• Numerous (generous) proposals offered to partner – all rejected
•Dialogue recommenced in 2012
• Door remains open for constructive, good faith negotiations but dispute resolution and other legal options being explored

Summary – SRK Well Positioned to Deliver Value Growth

• Boardand management restructuring undertaken
•Key focus is Apurimac and Cusco Iron Ore Projects in Peru
• Consolidation strategy to secure >500Mt+ resources underway:
- • Moved to at least 50%of AF
- •Recapitalisation of AF in September 2012
- •Option to acquire 49% of Cuervo Resources
•Strong Peru‐based team established and delivering results
•Approvals flowing and exploration programs accelerating
• Cuervoand AF drilling from April
• Short to mediumterm value through business development
• Strong cash position with A$25 million in cash (Jan 2011), US$31 million in loans toAF and C$5.25 million loan to Cuervo

Strike Resources LimitedASX: SRKwww.strikeresources.com.au

Appendix – JORC Code Information

Resource Breakdown

AF Projects

Prjtoec	Clasificaionts	Mt	Fe%
Cusco	Inferdre	M104.4t	32.6%
Apimurac	Indicadte	142.2	57.84%
	Inferdre	127.2	56.7%

The (68Mt) DSO component of the Apurimac resource is comprised of 27Mt Inferred Resource at 61.35% Fe and 41 Mt Indicated Resource at 61.57% Fe.

Cerro Ccopane Project (Cuervo Resources, Inc)

Prtospec	Cificaionlasts	Mt	Fe%
Orcopura	Medasure	19.7	48.3
	Indicadte	35.9	45.9
	Inferdre	0.85	43.7

JORC Code – Competent Person Statement

The information in this document which relates to Mineral Resources and exploration results has been compiled by Mr Ian Cullen, B.Sc. (Geology), who is an employee of Strike Resources Ltd and is a member of the Australasian Institute of Mining and Metallurgy. Mr Cullen has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking, to qualify as Competent Persons as defined in the 2004 Edition of the "Australasian Code for Reporting of Mineral Resources and Ore Reserves (the JORC Code)." Mr Cullen consents to the inclusion in this document of the matters based on this information in the form and context in which it appears.